Though the economy has been quite dynamic, AI is still a hot market. There have been a few major acquisitions and mergers over the past couple of weeks, each, potentially redefining the market in the near future. So let’s take a look at some of the biggest newsmakers making their rounds and if we’re lucky, we might see a pattern.
Databricks Buying MosaicML
In an announcement late last month, Databricks said that they would pay $1.3 billion to acquire MosaicML. This open-source startup that specializes in neural networks has made a name for itself building a platform that allows organizations to train large language models. Then, they are deployed using specific generative AI tools based on each organization’s needs. MosaicML is one of the pioneers of the private LLM market, making it possible for companies to harness the power of specialized AI to suit specific needs.
The deal has MosaicML become part of the Databrinks Lakehouse Platform. It will add on generative AI tooling to edit multiple cloud offerings from Databricks, and will include integration, processing governance, processing, storage, sharing, analytics, and other AI-related services.
IBM Buys Apptio
IBM is looking to support the company’s hybrid cloud focus by occurring Apptio. According to reports from the Wall Street Journal, the goal is to provide IBM with “greater automation capabilities.” Though not made public, it’s believed that the deal is in the neighborhood of $5 billion. For those unaware, Apptio is a provider of automated software cost management and other hybrid-IT tools. This allows their customers to track and monitor resources to reduce overall expenditures. Apptio’s acquisition is also notable due to its already pre-existing relationship with major banks such as Bank of America.
For IBM, this is another vertical acquisition toward cloud management services, as back in 2021, the company bought Turbonomic for a reported $1.5 billion. These moves signal to some that IBM is going in deep with automation.
Accenture Acquires Nextira & Flutura
In a double whammy, Accenture has acquired both Nextira and Flutrua. With Nextira, Accenture will add on a cloud-based solutions and services company that specializes in AI, machine learning, analytics, and more. They allow clients to build, design, and leverage high-performance community enrolments. The cloud is becoming a hot piece of real estate as it provides flexibility, reduction of hardware costs, and other benefits.
Karthik Narain, global lead for Accenture Cloud First, said of the acquisition, “We will combine Nextira’s AI, machine learning, and data and analytics abilities with Accenture’s approach to using modern data platforms on the cloud. This will deliver the actionable insights and predictive outcomes that our clients need to create new applications and services, deliver innovative customer and employee experiences, and fuel their next wave of product and market growth.”
But this wasn’t Accenture’s only major acquisition. Back in March, they also acquired Flutura in a bid to upscale Accenture’s pre-existing AI services with a focus on industrial plants, refineries, and supply chains.
Thomson Reuters Corporation Buys Casetext
Late last month, it was reported that Thomson Reuters would acquire Castex, a California-based provider of technology that specializes in legal services for a reported $650 million. This deal will continue on the existing AI roadmap for Reuters that includes a commitment to invest more than $100 million annually in expanding AI capacities. This includes the development of new generative AI add-ons to its product suite and a new plug-in with Micsofosft and Microsoft Copilot for legal professionals.
Casetext is a company that uses advanced machine learning and AI to build solutions that focus on the legal field, with an overall goal of increasing the quality of representation for clients.
Customer Support Startup Cohere.io Gets Acquired by Ramp
You may be already noticing a pattern, many of these deals were announced in late June and Cohere.io’s acquisition by Ramp is no different. Specializing in finance automation, Ramp bought the AI startup known for its AI-powered customer support tool. Interestingly enough, one of Cohere.io’s co-founders Yunyu Lin, left Ramp and helped to create Cohere.io. This acquisition will help Ramp drive more AI-related projects with a focus on customer service.
Snowflake Acquires Neeva
Lastly, we have Snowflake, who, fresh off of a marathon of acquisitions, picked up Neeva. Neeva is a company that uses LLMs to add AI-based search experiences. For Snowflake, this will allow them to add generative AI-based searches to the Data Cloud. This is unsurprising as many companies are hoping to utilize generative AI to provide unique and robust experiences to the fast-growing cloud market.
In a blog post by Snowflake co-founder Benoit Dagevill, he acknowledged that the goal of this addon will be to use generative AI and other AI-based tools to allow their users to query data in new ways to help them with data discovery. Overall, their goal is to provide Snowflake customers the ability to “maximize the value of data”.
This is why ODSC has always made sure that there is a focus where businesses, leaders, thinkers, and data professionals can come together, network, and participate in events to further their goals – ODSC West is no different. This November, you’ll be able to enjoy the Hackathon and watch as some of the best and brightest compete and show their skills. Then, there’s the Startup Showcase where startups can network and potentially build out their networks and meet with some of the investment leaders who are funding some of AI’s latest advancements. That’s not all, as the ODSC West team is still putting together a robust program that will knock your socks off.
Sound fun? Well then don’t miss ODSC West and get your pass today!